Examples of grace period in a Sentence
The terms of the loan allow for a ten-day grace period.
Recent Examples of grace period from the Web
Taxes were due July 1 and, by state law, interest charges will apply following a 30-day grace period to any bills not paid on time.
Sunday marked the end of California dispensaries' grace period before new restrictions on THC limits, packaging and labeling took effect.
Payments made during a grace period, in deferment or forbearance generally don’t count toward your total.
Thanks to the app’s built-in grace period, his frantic attempt counted toward his total.
After a three-year grace period, each disbursement must be repaid in eight quarterly instalments.
Japan’s loan provides a 10-year grace period, a loan with interest of .55 percent and a repayment schedule of 40 years.
Europe’s strict new privacy regulations took effect on Friday, but even with the two-year grace period to become compliant, not everyone was ready.
The agreement that is due to be sealed this month is only a political declaration on the grace period and won’t be legally binding until the withdrawal agreement is completed -- months from now.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'grace period.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Financial Definition of GRACE PERIOD
What It Is
A grace period is a period of time, usually about 10 days, during which a past due amount can be paid with little or no penalty.
How It Works
Let's assume your credit card payment is due on December 15. You forget to make the payment. On December 20, you remember. By then, though, it's too late. Your bill is past due.
However, if your account has a grace period, you can make the payment and the creditor might not assess a late fee or other penalty.
Why It Matters
Past-due bills often incur late fees, higher interest rates, penalties and other charges. Worst of all, the creditor might report the late payment to the credit reporting agencies, leaving a black mark on your credit rating (and even lowering your credit rating). In some cases, a bill get so past due (say, 90 or 180 days), that the creditor considers the account in default and may charge off the balance. A grace period gives customers a chance to catch up quickly before it's too late. After that point, the lender might assign or sell the account to a collection agency, which will try to collect the balance.
GRACE PERIOD Defined for English Language Learners
Definition of grace period for English Language Learners
: an amount of extra time that someone is given to pay a bill, finish a project, etc.
legal Definition of grace period
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